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Banks urge RBI to defer roll out of IndAS, says report

Banks urge RBI to defer roll-out of IndAS, says report

Banks urge RBI to defer roll-out of IndAS, says report
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By CNBC-TV18 Mar 7, 2019 8:39:09 AM IST (Published)

Banks are seeking an extension from the Reserve Bank of India for the roll-out of the Indian Accounting Standards (IndAS), which will come into effect from April 1, Business Standard reported.

Banks are seeking an extension from the Reserve Bank of India for the roll-out of the Indian Accounting Standards (IndAS), which will come into effect from April 1, Business Standard reported.

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The banks are citing higher capital for bad-loan provisioning, pending legislative amendments, and delay in finalising rules as some of the reasons for the extension, the report said.
“The government has given capital to banks with great difficulty and banks are under pressure to improve their financials. IndAS will further add to banks’ compliance burden, especially for loan-loss provisions,” the managing director of a public sector bank told the newspaper.
If the central bank agrees to the lenders' request, it will be the second time the RBI would be delaying the roll-out of IndAS.
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